Has Gold Bottomed?
Gold plummeted anew yesterday, diving $54 to a low that missed a bear market target of ours by less than $2. The intraday bottom at 1221.00 fell 1.80 shy of a 1219.20 target for the August Comex contract that had been disseminated to subscribers when the futures were trading $200 higher. So now what? Because the target was an important one, a “Hidden Pivot” support that had been ten weeks in coming, we should expect a substantial bounce, even if it doesn’t last for long. By substantial, we mean $100 or more over a period of perhaps 5-7 days. However, the more feeble the bounce, the more bearish the implications for the intermediate-term. To be more specific, if the futures were to take out the 1219.20 support within the next day or two, or exceed it after having bounced no higher than $20-$30, that would be a very bearish sign going forward.(…)
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Rick’s Picks is a trading newsletter for stock, gold, silver and mini-indexes. All trades are based on the proprietary Hidden Pivot technical analysis method.
© Rick Ackerman and www.rickackerman.com, 2013. |
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Source: http://www.rickackerman.com/2013/06/has-gold-bottomed/
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